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dc.contributor.authorXu, Xinran
dc.date.accessioned2019-10-15T15:28:37Z
dc.date.available2019-10-15T15:28:37Z
dc.date.issued2019-05-30
dc.identifier.otherXu_cornell_0058O_10532
dc.identifier.otherhttp://dissertations.umi.com/cornell:10532
dc.identifier.otherbibid: 11050231
dc.identifier.urihttps://hdl.handle.net/1813/67250
dc.description.abstractUnderstanding where the mutual fund returns come from may be advantageous to construct a portfolio of managers for a fund. This paper uses mutual fund performance data in China market from 2001 to 2018 to study whether differences in manager’s former working experience affect their performance. After regressions and bootstrap tests, there come some conclusions: managers who starting careers as buy-side industry and sell-side macro analysts generate significant excess returns of 0.4% and 0.6%. What’s more, there is no evidence that portfolio managers have market-timing abilities. Last but not least, industry groups show larger portions of return from small-cap stocks and growth stocks. Specifically, buy-side industry group shows superior ability in picking up promising small-cap stocks, and sell-side industry group tends to pay most attention to and invest more in growth stocks.
dc.language.isoen_US
dc.subjectFinance
dc.subjectEconomics
dc.subjectInvestment performance
dc.subjectMutual fund
dc.subjectPortfolio manager
dc.subjectchina
dc.titleTHE EFFECT OF PORTFOLIO MANAGERS' PAST EXPERIENCE ON THEIR PERFORMANCE
dc.typedissertation or thesis
thesis.degree.disciplineApplied Economics and Management
thesis.degree.grantorCornell University
thesis.degree.levelMaster of Science
thesis.degree.nameM.S., Applied Economics and Management
dc.contributor.chairHwang, Byoung-Hyoun
dc.contributor.committeeMemberNg, David T.
dcterms.licensehttps://hdl.handle.net/1813/59810
dc.identifier.doihttps://doi.org/10.7298/vxhb-jq84


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